Austrian steel processor Voest-Alpine AG has announced it will take over Polynorm NV of the Netherlands, giving it capacity to produce more steel components for the auto industry and also expand into plastics.
Polynorm specializes in making body modules and components for European automakers, processing metals and plastics. Its holdings include a plastics operation in Roosendaal, the Netherlands, and a sheet molding compound facility in St. Helens, England.
Linz-based Voest-Alpine is offering 70 euros ($63.31) per share for Polynorm in a deal announced Oct. 22. The deal is valued at 127 million euros ($114 million).
Polynorm posted 469 million euros ($424.2 million) in sales last year, with 267 million euros ($241.5 million) coming from the auto industry.
The companies maintain the purchase will allow an expanded Voest-Alpine to tap into Polynorm's expertise in design and other material processing.
``We will capitalize on the know-how of materials and processes within both companies and aim on a further acceleration of growth of the automotive activities,'' said Wolfgang Eder, deputy chief executive officer of Voest-Alpine and chairman of its automotive group.